Principal Financial Group Inc. Lowers Stock Holdings in Workiva Inc. (NYSE:WK)

Principal Financial Group Inc. cut its holdings in Workiva Inc. (NYSE:WK) by 31.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,691 shares of the software maker’s stock after selling 2,132 shares during the quarter. Principal Financial Group Inc.’s holdings in Workiva were worth $371,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Workiva by 3.2% in the third quarter. Geode Capital Management LLC now owns 1,144,826 shares of the software maker’s stock valued at $90,597,000 after acquiring an additional 35,029 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in Workiva by 13.5% during the 3rd quarter. Loomis Sayles & Co. L P now owns 728,375 shares of the software maker’s stock worth $57,629,000 after purchasing an additional 86,746 shares during the last quarter. Groupama Asset Managment purchased a new stake in shares of Workiva during the third quarter worth $381,000. TimesSquare Capital Management LLC grew its holdings in shares of Workiva by 4.3% during the third quarter. TimesSquare Capital Management LLC now owns 467,769 shares of the software maker’s stock worth $37,010,000 after buying an additional 19,095 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Workiva by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 423,782 shares of the software maker’s stock worth $33,530,000 after buying an additional 6,422 shares in the last quarter. 92.21% of the stock is currently owned by hedge funds and other institutional investors.

Workiva Stock Performance

Shares of WK stock opened at $112.40 on Tuesday. The firm has a market cap of $6.23 billion, a P/E ratio of -122.17 and a beta of 1.07. The firm’s 50 day moving average price is $99.36 and its 200-day moving average price is $84.11. Workiva Inc. has a one year low of $65.47 and a one year high of $116.83.

Analyst Ratings Changes

Several analysts recently issued reports on WK shares. Raymond James raised shares of Workiva from a “market perform” rating to an “outperform” rating and set a $135.00 price objective for the company in a research note on Friday. Stifel Nicolaus raised Workiva from a “hold” rating to a “buy” rating and increased their price target for the company from $102.00 to $130.00 in a report on Wednesday, December 18th. Robert W. Baird raised their target price on Workiva from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. BMO Capital Markets boosted their price target on shares of Workiva from $96.00 to $104.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Citigroup raised their price objective on shares of Workiva from $116.00 to $128.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $120.33.

About Workiva

Workiva Inc, together with its subsidiaries, provides cloud-based reporting solutions in the United States and internationally. The company offers Workiva platform, a multi-tenant cloud software that provides data linking capabilities; audit trail services; administrators access management; and allows customers to connect data from multiple enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications.